Airbnb Business Structure (You Need An LLC)

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #business #taxprofessional #llc #scorp #smallbusinessowner #newbusinessowner #wealth #justaskkarla #kdainc #karaldennis

[@terry-jung]

Super helpful! thank you so much Karla!

[@SheriWinston]

Super helpful!

[@makalecummings3019]

Thank you alot fr

[@taniekingdom-medzchats]

Thank you for your breakdown, easily understood 🤗

[@Mattlicin0779]

Thank sooooooo very much. We are the one who open my mind.

[@ReesieAmor]

Thank you so much for this info! This was so helpful

[@KarlaDennis]

You're so welcome!

[@sandrabalogun4409]

Very informative as usual!

[@KarlaDennis]

Thank you so much !!

[@mcculskiehuntley]

Wow! Great information!

[@KarlaDennis]

Thank you ! glad you liked it!

[@kendramcburnie3018]

VERY informative and to the point. Thank you !

[@KarlaDennis]

Glad it was helpful! Thanks for watching!

[@lizzyisloved8033]

Great information, thank you.

[@KarlaDennis]

Thank you for the feedback. : )

[@TheSociamediaMan]

Love it

[@carycharbonniez4424]

Such an informative video. Thank you :)

[@jenaytucker8145]

I was mesmorrised by your video!!! So clear and concise (hand writing on the wall) .You can 't misunderstand just watch it several times and take notes.😍 You personal presentation was so professional-your hair,blouse and the background perfect. I didn't feel like I'm looking at someone trying to sell sex while pretending to talk about business👍🏾🙋🏾.

[@KarlaDennis]

Thank you so much for the feedback on this Jenay. : )

[@giaaquila2877]

Great video. Was incredibly informational, perfectly paces and easy to understand. Thank you!

[@KarlaDennis]

You're very welcome! Thank you for that feedback as well

[@user-xr8db1bu7d]

Very helpful I appreciate the information 👍🏾

[@KarlaDennis]

No problem 👍

[@shakirachandler267]

Thank you so much for This video. I’m just starting out and gathering all the information I need ! ❤

[@KarlaDennis]

Your welcome, glad this was helpful!

[@matthewhull4020]

Thank you

[@joannavillanueva1057]

This is helpful! I have airbnb but outside the US. I need some guidance

[@benjamintorres8959]

So very well explained definitely broadened my knowledge some. Thank you for your time and helpful insight, I look forward to future content.

[@michaelfrancis9883]

Perfect (detailed), high-level understanding of where I need to be with LLC vs S-Corp. Thank you

[@KarlaDennis]

Glad it was helpful! Thanks for the feedback : )

[@TriggaMediaGroup]

Thank you for the insight! Definitely will document, document, document and take lots of pictures! 😊

[@KarlaDennis]

Wonderful! And you are so welcome : )

[@allenmitchell-no8uc]

Great video. Would love to see a video on international Airbnb structure. General guild lines on multinational Airbnb business structure for a non expat. I would love to save money and know just how to structure my future airbnb portfolio that expands multiple countries.

[@Biancamarton1]

great explanation

[@KarlaDennis]

Thank you.Glad you liked it

[@dougwilkesartisanlogistics3331]

@KarlaDennis great video! Would you be able to use the active income / cost set strategy if you put the property in an LLC owned by your S-Corp? Could you make the property passive in year two (either hand over to AirBnB property management or rent long term) and do a quit claim deed to another holding LLC that the same S-Corp owns for passive rentals?

[@rosaspeakspr]

I wish I had understood this before I started. I was so disappointed the first year my accountant did my taxes as I was expecting to be able to write-off the passive income losses and get a good chunk of money back from my W-2 income taxes. Rude awakening!! 😭 Now I have both passive (rent) and self-employment (airbnb cleaning) so will need the S-Corp strategy. Great video! ❤

[@tobiasmedia6895]

I’m willing to apply as an assistant in your Airbnb

[@AuthenticallybeingAva]

Great info thank you but what if you aren’t buying the property and just doing rentals which is more beneficial and S corp or LLC?

[@Rapis2good]

Thanks

[@KarlaDennis]

You are welcome !

[@marianazelada1119]

Thanks you the video! What if you RENT a unit and turn it into a airbnb? What is more convenient in that case?

[@MrIndianapolis100]

Hi. Thanks a lot for your video. I just opened an airbnb property. Under my main LLC I just have created a dba for this property. This is correct for you? Thank you.

[@stacybogan5865]

Enjoyed your video. Great advise. I purchase and live in my home that has 3 floor. I decide to turn part of my basement into an airbnb 1 bedroom suite . It has a private entrance, a huge backyard with a large deck, with a lot of additional amenities. How would I write off the cost of the airbnb if I've already owned my home for 16 years and how do I incorporate the cost segregation study ? Please help me to understand the process of already own oppose to just purchasing and using it for an airbnb. Thank you for replying asap

[@ThebloodofJesus331]

You look beautiful!💕You’re new look makes you look years younger💕Blessings!💕

[@ivantejeda]

🔥 I’m with you on this Denia! This was a great video! P.S. If you have any questions about starting & growing your Airbnb business lmk.

[@KarlaDennis]

Thank you so much. I appreciate that : )

[@soulja5007]

Do you have to own the property that you are using for Airbnb ? If not can you write off the rent you pay on that property?

[@seren07]

Hi Karla- This video was very informational! Woul dit be possible to do a Pt2 on Airbnb Business Structures for US citizens with forgein real estate?

[@KarlaDennis]

Absolutely, I will work on this sometime soon : ) Anything specific your looking for answered?

[@ottotreichel2510]

I am a little confused about the $100,000-$150,000 area, especially for a multi member LLC. Could each partial owner deduct up to $25k?

[@user-nd3hc2gn6t]

❤

[@KarlaDennis]

Thank you

[@lisahall8256]

Wow, great video! You make it so clear. Question, if taxable income is over the $150K and the property was inherited, are there any options for claiming losses?

[@KarlaDennis]

Yes they are

[@4296411]

Yesss! Please education me!

[@KarlaDennis]

Yes, stick with me haha and let me know if there is any specific topics you think I should cover : )

[@cdavilany13]

Do the same rules apply if you operate a short term rental for pets?

[@KATHIEMATA_KWREALTOR]

So say if we are just starting out and will be cleaning ect. Until I can get employees... what should I go under?

[@ghostrobot7357]

Does substantial services include housekeeping for a condo within a casino? They would take care of the cleaning and is under 25k a year would it be better to still apply for passive?

[@gamer8300]

What are considered "losses"?

[@YadaYadaYadadada]

But if I am expecting a lot of loss in my first year of Airbnb business (furniture, appliances, mortgage etc) - then I should not do the cost-segregation study right? I'm not expecting any net profit to actually pay taxes on

[@nicholasshook7513]

I thought air bnb was usually considered a business. Isn’t there a calculation you have to do like number of days rented/different renters. If it’s 7 or under it’s a business

[@ThriveWithLouise]

There’s a hybrid where you can still be a limited company and file taxes as S Corp

[@millaezman8984]

what would be a business structure for a business that grows herbs and then processes it into making herbal products such as soap, herbal tea blends, tinctures, spice blends, etc. then sells it on its website? I thank you in advance! agree, pink is awesome on you!

[@ivantejeda]

👋 Great question Milla. I’m thinking about making a video on this. Let me know if that’d be helpful. P.S. If you have any other questions about starting & growing your Airbnb business lmk.

[@Micaiahmcc]

For my first year in airbnb, does my business have to be making a certain amount of money per year in order to qualify for S-Corp. Or is this something I should wait on when I see more income. Interesting in active, with losses not being limited but some people say you have to be making a certain amount before doing so.

[@user-dd6ik5ho9d]

Hi Karla what do you mean by: you have to put wages on your tax return?

[@walkingconifer]

What if I use S corp to self rent the property from disregarded LLC and operate an Airbnb active business? How does accelerated depreciation work in this case?

[@myaceoRR]

Ok a bit confused so if it’s do a active bnb no need for llc?

[@ldavidson6853]

S-corp...😢 no one told me this. I've operated in an LLC for 4 years with my 2 properties, paying self-employment tax on a schedule C. I can't amend this at this point if I change to an S-corp now, can I? Just change it for this year's taxes, I assume?

[@orlymarq6238]

What is a LOC????

[@BahamaGroup]

what if i have my airbnb in another country but i do my taxes in the us with a scheduled c form ?? please let me know, im very confussed right now

[@RealJamieWorley]

Karla, if I turn my downstairs into an AirBB, how do I place that portion of my house into an LLC, ensuring that if someone sues me they can’t sue me for the entire house?

[@RealJamieWorley]

And thank you for your videos! My estate planning team benefits greatly from your expertise!

[@sanaathedivine5749]

Im a home owner with a passive air bnb id love for you to mentor me if you offer mentorship's

[@dynamitedingo7720]

What kind of LLC do you need?

[@AyanMullick]

This says don't use S Corp: kzbin.info/www/bejne/gIG0nJiQqrFlZrc What is the best legal entity if one is buying a 3 BHK apartment to live in and actively ABnB'ing one of the rooms in it? How should one report mortgage, income, rent, expenses etc. in that case?

[@bradbotsch8949]

Or just start an unregistered business organized trust and forget all taxes/accounting garbage

[@KarlaDennis]

Explain ? : )

[@bradbotsch8949]

@@KarlaDennis An unregistered trust is not a creation of the state/government. If you know how to operate it properly, you can avoid any taxable events, legally. It's how to legally practice tax avoidance, take a bit to learn but obviously worth it especially if you don't agree with what taxes are being used for...

[@BG-iz1wv]

​@@bradbotsch8949 Any sources one can learn more about this? Like how to create that trust, what kind and how to implement it? Thank you 🙏

[@Thought_it_up]

@@bradbotsch8949”Also called an unincorporated business organization, a pure trust or a constitutional trust, it gives the appearance that the taxpayer has given up control of his or her business. In reality, through trustees or other entities controlled by the taxpayer, he or she still runs the day-to-day activities and controls the business's income stream. Such arrangements provide no tax relief. The courts have held that the business income is taxable to the taxpayer under a variety of legal concepts, including lack of economic substance (sham theory), assignment of income, or that the arrangement is a grantor trust. In some circumstances, the trust could be taxed as a partnership.” - IRS.gov

[@EMariso]

😂

[@megacast]

Talk too much to teach little. Men don't like it regardless of the message. What a waste of my time...

[@sarahbailey842]

Thank you

[@KarlaDennis]

You're welcome